Food Shippers of America - Spring/Summer 2018 - 65

Blockchain

The technology soon to take over the supply chain
by Brian Straight, Managing Editor, FreightWaves

T

here is a long-held belief that those in trucking
are slow to adapt to technology. While there
lies some truth in that statement as some
pockets prefer to take the wait-and-see

approach, to suggest the industry as a whole is behind the
times is patently incorrect.

Transportation was among the first
users of cellular technology, and
computer/telematic systems in trucks
have existed for many years. Once
again, trucking is at the forefront of a
new technology and will help shape its
future uses in society. That technology
is blockchain.

And its impact is likely to be just as
large. Research firm Deloitte has
predicted that by 2025, 10 percent
of global GDP would be stored on a
blockchain. McKinsey & Co. forecast
global GDP in 2025 at $90 trillion. That
means blockchain will be impacting at
least $9 trillion of global GDP.

Two years ago, few people had heard of
blockchain. Those who did associated
it with a different name: Bitcoin. While
the Bitcoin craze has swept the globe in
the past year, the most misunderstood
aspect of Bitcoin is that it is the same as
blockchain. It is not.

Blockchain will eventually touch the
jobs of everyone involved in the supply
chain. It is that foresight that has led
more than 1,000 companies - from
carriers large and small, to freight
brokers, shippers, third-party logistics
providers and technology companies
- to apply for membership in a new
standards organization formed
in August 2017, the Blockchain in
Transport Alliance (BiTA).

Much like the World Wide Web,
now more commonly known as the
Internet, is not the same as your
favorite website, blockchain is not
the same as Bitcoin or any other
cryptocurrency. Blockchain provides the
technological infrastructure upon which
cryptocurrencies are traded. Blockchain
is the World Wide Web.

BiTA was formed by experienced tech
and transportation executives to
create a forum for the development of
blockchain standards and education
for the freight industry. The goal,

Co-Founder and Managing Director
Craig Fuller says, is to bring together
leading companies in the freight
technology industries that have a
vested interest in the development of
blockchain technology. Participants in
the Alliance will help create industrywide standards and join in educating
the industry on blockchain applications.
With so much interest from the
industry, it's clear that blockchain
will very soon become a part of life
for the industry. But, what exactly is
blockchain and how does it work? And
most importantly, do you have to do
something now about it?
To put it simply, a blockchain is a
decentralized database that stores
records of value and transactions.
However, calling blockchain a new
type of database is like saying email is
a new way of sending people letters.
While the blockchain is a database,
that definition doesn't explain the true
genius behind how the blockchain
stores information. The technology
uses a series of distributed databases
or servers and records transactions,
or blocks. Each transaction is
verified through the blockchain
community - the databases - by
consensus, and if the community agrees
on that transaction, it is embedded onto
the blockchain. Once on the chain, it
can't be changed, ensuring trust in the
transaction.

FOOD SHIPPERS OF AMERICA | www.foodshippersofamerica.org |

65

DENCG/SHUTTERSTOCK.COM

F E A T U R E


http://www.foodshippersofamerica.org

Food Shippers of America - Spring/Summer 2018

Table of Contents for the Digital Edition of Food Shippers of America - Spring/Summer 2018

President’s Letter
Charged Up! Electric Trucks Poised to Gain Foothold In Trucking Industry
The Trucking Industry’s Top 10
Sana Raheem: Taking Risks for Growth
Developing an Unbeatable Inbound Freight Management Strategy
FSA Annual Conference
Evolution of Logistics: Developing Our Leaders of Tomorrow
Scholarship Winner
Food Shippers of America 2019 John J. Murphy Scholarship
Retail Trends
Rail Update
Industry Forecast
Millennials and GenZ: The Key to Future-Proofing Your Supply Chain Workforce
Blockchain: The Technology Soon to Take Over the Supply Chain
Improve Your Leadership IQ
Five Secrets to Find and Keep Top-Notch Talent Without Breaking the Bank
The Risky Six: Six Keys to Shed Fear and Take Smart Professional Risks
Customer Service and Safety are Priorities at Rapidly Growing Lazer Spot
FSA Members
Index of Advertisers
Food Shippers of America - Spring/Summer 2018 - Intro
Food Shippers of America - Spring/Summer 2018 - cover1
Food Shippers of America - Spring/Summer 2018 - cover2
Food Shippers of America - Spring/Summer 2018 - 3
Food Shippers of America - Spring/Summer 2018 - 4
Food Shippers of America - Spring/Summer 2018 - 5
Food Shippers of America - Spring/Summer 2018 - 6
Food Shippers of America - Spring/Summer 2018 - 7
Food Shippers of America - Spring/Summer 2018 - 8
Food Shippers of America - Spring/Summer 2018 - 9
Food Shippers of America - Spring/Summer 2018 - President’s Letter
Food Shippers of America - Spring/Summer 2018 - 11
Food Shippers of America - Spring/Summer 2018 - 12
Food Shippers of America - Spring/Summer 2018 - 13
Food Shippers of America - Spring/Summer 2018 - Charged Up! Electric Trucks Poised to Gain Foothold In Trucking Industry
Food Shippers of America - Spring/Summer 2018 - 15
Food Shippers of America - Spring/Summer 2018 - 16
Food Shippers of America - Spring/Summer 2018 - 17
Food Shippers of America - Spring/Summer 2018 - 18
Food Shippers of America - Spring/Summer 2018 - 19
Food Shippers of America - Spring/Summer 2018 - The Trucking Industry’s Top 10
Food Shippers of America - Spring/Summer 2018 - 21
Food Shippers of America - Spring/Summer 2018 - 22
Food Shippers of America - Spring/Summer 2018 - 23
Food Shippers of America - Spring/Summer 2018 - Sana Raheem: Taking Risks for Growth
Food Shippers of America - Spring/Summer 2018 - 25
Food Shippers of America - Spring/Summer 2018 - 26
Food Shippers of America - Spring/Summer 2018 - 27
Food Shippers of America - Spring/Summer 2018 - Developing an Unbeatable Inbound Freight Management Strategy
Food Shippers of America - Spring/Summer 2018 - 29
Food Shippers of America - Spring/Summer 2018 - 30
Food Shippers of America - Spring/Summer 2018 - 31
Food Shippers of America - Spring/Summer 2018 - 32
Food Shippers of America - Spring/Summer 2018 - 33
Food Shippers of America - Spring/Summer 2018 - 34
Food Shippers of America - Spring/Summer 2018 - 35
Food Shippers of America - Spring/Summer 2018 - Evolution of Logistics: Developing Our Leaders of Tomorrow
Food Shippers of America - Spring/Summer 2018 - 37
Food Shippers of America - Spring/Summer 2018 - 38
Food Shippers of America - Spring/Summer 2018 - Scholarship Winner
Food Shippers of America - Spring/Summer 2018 - 40
Food Shippers of America - Spring/Summer 2018 - 41
Food Shippers of America - Spring/Summer 2018 - 42
Food Shippers of America - Spring/Summer 2018 - Food Shippers of America 2019 John J. Murphy Scholarship
Food Shippers of America - Spring/Summer 2018 - 44
Food Shippers of America - Spring/Summer 2018 - Retail Trends
Food Shippers of America - Spring/Summer 2018 - 46
Food Shippers of America - Spring/Summer 2018 - 47
Food Shippers of America - Spring/Summer 2018 - 48
Food Shippers of America - Spring/Summer 2018 - 49
Food Shippers of America - Spring/Summer 2018 - Rail Update
Food Shippers of America - Spring/Summer 2018 - 51
Food Shippers of America - Spring/Summer 2018 - 52
Food Shippers of America - Spring/Summer 2018 - 53
Food Shippers of America - Spring/Summer 2018 - 54
Food Shippers of America - Spring/Summer 2018 - 55
Food Shippers of America - Spring/Summer 2018 - 56
Food Shippers of America - Spring/Summer 2018 - Industry Forecast
Food Shippers of America - Spring/Summer 2018 - Millennials and GenZ: The Key to Future-Proofing Your Supply Chain Workforce
Food Shippers of America - Spring/Summer 2018 - 59
Food Shippers of America - Spring/Summer 2018 - 60
Food Shippers of America - Spring/Summer 2018 - 61
Food Shippers of America - Spring/Summer 2018 - 62
Food Shippers of America - Spring/Summer 2018 - 63
Food Shippers of America - Spring/Summer 2018 - 64
Food Shippers of America - Spring/Summer 2018 - Blockchain: The Technology Soon to Take Over the Supply Chain
Food Shippers of America - Spring/Summer 2018 - 66
Food Shippers of America - Spring/Summer 2018 - 67
Food Shippers of America - Spring/Summer 2018 - 68
Food Shippers of America - Spring/Summer 2018 - 69
Food Shippers of America - Spring/Summer 2018 - 70
Food Shippers of America - Spring/Summer 2018 - Improve Your Leadership IQ
Food Shippers of America - Spring/Summer 2018 - 72
Food Shippers of America - Spring/Summer 2018 - 73
Food Shippers of America - Spring/Summer 2018 - 74
Food Shippers of America - Spring/Summer 2018 - 75
Food Shippers of America - Spring/Summer 2018 - 76
Food Shippers of America - Spring/Summer 2018 - Five Secrets to Find and Keep Top-Notch Talent Without Breaking the Bank
Food Shippers of America - Spring/Summer 2018 - 78
Food Shippers of America - Spring/Summer 2018 - The Risky Six: Six Keys to Shed Fear and Take Smart Professional Risks
Food Shippers of America - Spring/Summer 2018 - 80
Food Shippers of America - Spring/Summer 2018 - 81
Food Shippers of America - Spring/Summer 2018 - Customer Service and Safety are Priorities at Rapidly Growing Lazer Spot
Food Shippers of America - Spring/Summer 2018 - 83
Food Shippers of America - Spring/Summer 2018 - 84
Food Shippers of America - Spring/Summer 2018 - 85
Food Shippers of America - Spring/Summer 2018 - 86
Food Shippers of America - Spring/Summer 2018 - FSA Members
Food Shippers of America - Spring/Summer 2018 - 88
Food Shippers of America - Spring/Summer 2018 - Index of Advertisers
Food Shippers of America - Spring/Summer 2018 - 90
Food Shippers of America - Spring/Summer 2018 - cover3
Food Shippers of America - Spring/Summer 2018 - cover4
https://www.nxtbook.com/naylor/FUDB/FUDB0118
https://www.nxtbook.com/naylor/FUDB/FUDB0217
https://www.nxtbook.com/naylor/FUDB/FUDB0117
https://www.nxtbook.com/naylor/FUDB/FUDB0216
https://www.nxtbook.com/naylor/FUDB/FUDB0116
https://www.nxtbook.com/naylor/FUDB/FUDB0215
https://www.nxtbook.com/naylor/FUDB/FUDB0115
https://www.nxtbookmedia.com